Every seller wants to get the best deal for their house—especially when you consider that as much as $500,000 in profit can be earned tax-free. So why not just price your house to the moon? After
May 18 2017 34399 1
7 Closing Mistakes to Avoid When Buying A Home
The seller accepted your offer, the inspector didn’t find anything that's a deal killer. You’re in the homestretch! While you can breathe a little easier, remember, the deal’s not done until everyone signs all the (zillion) documents. Your lender can still change their mind!Here are 5 closing mistakes to avoid when buying a home!
1. Don’t mess with your income-to-debt ratio - Don't rack up ANY out of the ordinary charges on your credit card or in your bank account! Your lender is likely to run your credit report just before closing. While it’s tempting, don’t buy a bunch of new windows because they were on sale. Don’t sign the lease on the new Audi that will look perfect in your new driveway. The bank looks at lease payments like any other debt payment.
2. Don’t disappear - No last minute trips without talking to your lender and Realtor. Be readily available to immediately address any last-minute concerns.
3. Don’t change jobs - Lenders love stability. Switching jobs can kill the deal!
4. Don’t open new credit cards - Yes, you’ll be buying furniture to fill those lovely rooms. Yes, you might need a new fridge. And yes, new dishes to match the new kitchen would be splendid. But resist the lure of opening new credit cards until after closing. Doing so can affect your credit score. For now, just open catalogs.
5. Don’t be late - Even though you may have been riding the real estate roller coaster and life’s been chaotic, STAY current with ALL bill payments. Late payments, too, WILL affect that all-important credit score.
6. No Extra Bank Deposits - So, it's your birthday and granny gave you $5000. COOL!!! Do NOT deposit without checking with your lender!
7. No MATTRESS money - You have a pile of money in your safe? Do not deposit the money without talking with your lender!
Keep all of this in mind! If you have ANY questions, call you Lender and your Realtor!
Bruce is a business professional with a strong work ethic with an extensive background in customer service as he spent years of his youth managing a well known established family business, Rocco’s P....